Run a hydro model to determine what the flood level would be in this area (essentially do the work that FEMA didnt complete.)  2.

Why this unusual business model?

Because of all this, if I were looking at STRs, I'd be extremely conservative with STR financial models right now--for instance, I'd want to include worst-case scenarios (like unprecedented vacancy) in my model, and I'd want to have multiple viable exit strategies on the table.

Every time you want to underwrite, use a BRAND NEW copy of your underwriting model (hopefully you have a clean copy).

SO based on your expertise, am I crazy?

That is my area of expertise and would advise you to look into this area as well.

From the deals I've modeled out expenses in the 50% range (varies by market) is a standard guiding principle, variation (lower) from this typically means expenses are understated.   

My area of expertise is short term investment properties in the Emerald Coast. 

I think from the feedback on this post that syndications is probably your best option, but if you really want to get the most out of it, I recommend joining a Community or several - it's the best way to leverage the knowledge and expertise of others!

My model X is grandfathered into the supercharger so those are totally free for me..